Legal Question in Real Estate Law in Illinois

My wife's parents and my own father own timeshare property that are "white elephants." They cannot use them, due to their healths, yet they are still paying maintenance fees. Nobody in either family wishes to inherit them. They are,as much as we are able to ascertain, unsellable.

Questions are:

Is there nothing our parents can do to nullify their contracts?

How likely is a suit from these companies if parents were to default? What could they lose?

Since we will inherit their estates, will we be liable for these maintenance fees?

What steps should we now take to avoid such liabilities?

Can these properties be willed to the state or back to the company? How?

Properties are in Fl, La, Mo. All parents and wife and I are Illinois residents.

1 Answer from Attorneys

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